Azimut Exploration Inc. (TSX.V: AZM) (OTCQX: AZMTF) has announced a non-brokered private placement aimed at raising up to $7 million in total proceeds, according to a company press release.

The offering comprises two components: 6,038,647 flow-through shares priced at $0.828 per share and 3,333,333 hard-dollar shares priced at $0.60 per share. Proceeds from the flow-through shares will be directed primarily toward advancing the company's Elmer and Wabamisk properties, while funds raised through the hard-dollar shares will support ongoing exploration activities and general corporate purposes.

The private placement is expected to close on or about August 10, 2026, contingent upon receipt of regulatory approval. All securities issued under the offering will be subject to a statutory hold period of four months and one day. Azimut may also pay eligible finders a cash commission equal to 6% of the gross proceeds sourced from purchasers introduced by those finders.

The financing supports the company's broader strategy of expanding its resource base in Quebec, a jurisdiction widely recognized for its mining-friendly regulatory environment and substantial mineral endowment. The province has positioned itself as a key supplier of critical and strategic minerals through its own provincial development plan, aligning with growing North American and European efforts to secure domestic supply chains for battery and energy-transition materials.

Azimut controls strategic land positions across gold, copper, nickel, and lithium targets in the province. Its key assets include the Wabamisk and Wabamisk East properties (100% Azimut), which host the Fortin Zone (antimony-gold), the Rosa Zone (gold), and the Lithos Zone (lithium); the Elmer property (100% Azimut), which contains the resource-stage Patwon gold deposit with 311,200 ounces of indicated resources and 513,900 ounces of inferred resources; and the Kukamas property (under option to KGHM), which hosts the Perseus Zone (nickel-PGE). The Patwon deposit's resource classification places it at an advanced stage in the exploration lifecycle, where further drilling and technical work can support economic assessments.

The flow-through share structure enables the company to raise exploration capital while passing tax benefits on to participating investors. The proceeds will allow Azimut to accelerate work at Elmer, where the Patwon deposit already holds substantial gold resources, and at Wabamisk, which offers exposure to multiple commodities including lithium—a mineral classified as critical for the global energy transition.

Azimut applies a data-driven exploration methodology through its proprietary AZtechMine expert system, which combines big data analytics with regional-scale geological analysis and the company's accumulated exploration expertise. The company maintains a focus on financial discipline and reports a strong balance sheet. Two strategic investors are among its shareholders: Agnico Eagle Mines Limited holds approximately 11% of issued and outstanding shares, and Centerra Gold Inc. holds approximately 9.9%. The backing of two established gold producers provides a level of institutional validation, as both companies operate producing mines and conduct their own due diligence on junior exploration partners.